What to remember from the Mastercard and Mercuryo partnership:
Mastercard partners with Mercuryo to launch a crypto debit card in euros, allowing users to spend cryptocurrencies from self-hosted wallets.
Non-custodial portfolios offer total autonomy to the user, without dependence on a centralized platform.
This initiative strengthens the adoption of self-detention and aims to reduce the barriers between traditional payments and the blockchain.
When two giants ally for crypto. This is exactly what happens with Mastercard and Mercuryo. The payment giant Mastercard continues its quest to democratize the use of cryptocurrencies by partnering with Mercuryo, a crypto payment infrastructure provider in Europe. Together, they launch a debit card in euros, allowing users to spend their cryptos stored in self-hosted (non-custodial) wallets at more than 100 million merchants.
Crypto spending without custody: A paradigm shift
In recent years, Mastercard has been exploring the world of cryptocurrencies, seeking to connect the worlds of traditional finance and blockchain. After a conclusive test with the self-hosted wallet MetaMask in August, the company moves up a gear with Mercuryo. The duo is launching a crypto debit card in euros, a first that opens a new horizon for crypto users wishing to freely spend their digital assets.
As a reminder, unlike custodial wallets (where a third-party entity, such as a bank or an exchange platform, controls private keys), self-hosted wallets place the user at the center of the game. It is he who holds and secures his own private keys, without depending on an intermediary. Clearly, you are the only master on board: if you lose your keys, goodbye your cryptos!
According to Christian Rau, senior vice president of crypto and fintech activation at Mastercard, this initiative aims to simplify the experience of self-hosted wallets by removing barriers between blockchain and traditional payments.
Mastercard and non-custodial wallets: marriage of reason?
Mastercard's growing support for non-custodial wallets is part of a broader strategy: giving back power to users. Since its official entry into the crypto market in 2021, Mastercard has continued to expand its network of partners in the industry, collaborating in particular with Circle (provider of the USD Coin) and Coinbase. This new alliance with Mercuryo marks a further step in Mastercard's ambition to facilitate the adoption of cryptocurrency payments.
Raj Dhamodharan, head of blockchain and digital assets at Mastercard, explains that the complexity of transactions on centralized exchanges is pushing many investors to look for simpler and more direct alternatives.
"The obstacles to buying and selling cryptos via centralized platforms have limited both the choice and the purchasing power of users"
But be careful, this innovative card is not free. The Mastercard and Mercuryo Spend card comes with an issue fee of 1.60 euros and a monthly maintenance fee of 1 euro. In addition, a fee of 0.95% is applied on each transaction, charged by Mercuryo.
In recent years, cryptocurrencies have gradually gained ground on the international scene, shaking traditional finance players. Long considered the prerogative of technophiles and libertarians, they are now gaining the recognition of historical financial institutions, illustrated by the introduction of Bitcoin ETFs. In this changing landscape, Mastercard is emerging as key facilitators, fostering the adoption of cryptocurrencies with strategies that could reshape the way we look at money and transactions. These payment titans, long considered the guardians of traditional currency, turn out to be for our motor sector.